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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Mediobanca (MB IM) is issuing senior non-preferred today – we see fair value around MS+130bp.
- MB is issuing EUR500m WNG long 6NC5 (Jul-2030) fixed-to-FRN with IPT at MS+160-165bp.
- MB trades broadly very slightly tight of similarly-rated Intesa and CaixaBank (see graphic) even though S&P and Fitch have CABK a notch or two higher.
- There’s an CABKSM ’29 at MS+115bp (one notch better at those two agencies) which seems a floor to any fair value so we struggle to see this pricing inside MS+130bp.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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